The Market On Friday

Good morning and welcome to the weekend. It is 75 degrees, sunny with a rain logo for later, and starting to feel a little muggy here in Upstate NY. The suburban streets were very quiet this morning, in fact its pretty quiet right now. Maybe people are sleeping in or have collectively gone on vacation.

At 8:00 a.m. futures are moderately down, the dollar is mixed, and oil is down.

Debt ceiling-gate is at the center of the storm. In addition we will very shortly get the first government reading of the second quarter GDP. The debt ceiling and the GDP will be today's market drivers. As a result the market could get real nasty real fast.

What are these Tea Party crazies thinking. This week alone most Americans have lost a bundle in their IRA's, 401 K's, and all other retirement accounts. People are doing worse as a result of the impasse alone. When and if a default occurs, millions of Americans will very quickly get much poorer. The craziest thing I read is when Tea Party people still have the gall to publicly say they want to create jobs. That is an unmitigated lie and in older times that type of tyrannical conspiracy would earn one a trip to the gallows.

CNN: Stocks head for early drop on debt worries

It's all about the debt ceiling, which must be raised by Aug. 2...


...politics is not always rational... (!!!)


Investors will get the first reading on second-quarter GDP at 8:30 a.m. ET.